RBI-recognised SRO
Fixed Income Money Market and Derivatives Association of India FIMMDA
Deep-dive: what FIMMDA actually does →
Financial markets: fixed income, money market and derivatives (banks, primary dealers, insurers, public financial institutions)
Why it matters if you borrow or pay
- The bond and money-market rules your mutual fund, pension fund and insurer trade under are drafted here — FIMMDA sets market practices, standard agreements and the code of fair conduct for the fixed-income market.
- RBI mandates its valuation of government bonds, corporate bonds and securitised papers — the daily prices that sit inside nearly every debt portfolio in the country.
- Constituted a Disciplinary Committee (1 Sep 2026, chaired by an independent director) — the enforcement machinery its new SRO status requires.
What we're watching
- Its overview page claims a “115 member strong” body (13 PSBs, 19 private banks, 35 foreign banks…) — its own member-list PDF (8 May 2025) shows 116 rows with different category counts, and the list has not been refreshed since.
- Recognised on 7 May 2025; disciplinary committee only constituted 16 months later (Sep 2026) — enforcement record starts from zero.
- Website is a legacy frameset and the roster ships as a PDF — public disclosure lags peer SROs like FEDAI.
Governance
Board / Governing Council
| Name | Role | Affiliation |
|---|---|---|
| Ashwani Sindhwani | Independent Director | |
| Manoj Rane | Independent Director | |
| Shamsher Singh | Chairman | Deputy Managing Director (Global Markets), State Bank of India |
| Neeraj Gambhir | Vice Chairman | Group Executive — Treasury/Markets, Axis Bank |
| Ashish Parthasarthy | Director | Treasurer, HDFC Bank |
| Abhijit Basak | Director | Chief General Manager, Union Bank of India |
| Manish Luharuka | Director | Head — Fixed Income & Forex Trading, ICICI Bank |
| Shashi Dhar | Director | Chief General Manager — Treasury & Global Markets, Bank of Baroda |
| Ashok Kumar Gautam | Independent Director | MD & CEO, India International Bullion Exchange (IIBX) |
Executive Committee / Office bearers
| Name | Role | Affiliation |
|---|---|---|
| Ravindranath Gandrakota | Chief Executive | ex-SBI Chief General Manager; FIMMDA CEO since Sep 2020 |
Members (116)
Parsed from the SRO's published member page on 2026-09-10. Marketing rosters, not filings — see methodology.
Activity
- 2026-09-01 governance FIMMDA constitutes a Disciplinary Committee of the Board
- 2025-05-08 roster FIMMDA publishes List of Current Members (116 institutions)
- 2025-05-07 recognition FIMMDA recognised as RBI's first SRO in financial markets